Bernard Aybran

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From Fund Selection 01 December 2004

By PWM Editor

Bernard Aybran, head of manager selection, LCF Rothschild
Based in: Paris, France
“Two main changes have occurred on our balanced portfolios in October. We first have totally wiped out our reverse bonds holdings as it looks like the downtrend in the interest rate market is back; we mostly used the proceeds on adding to our high yield funds. On the equity side, we sold our remaining Japan holdings to reinvest an equivalent amount on value European stocks and US small caps. Going forward, we remain confident equity markets can enjoy a reasonable rally within the next few months.”

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